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Japan's Banks Report Losses
Due to Bad-Loan Write-Offs

Hit by write-offs for bad loans, all but the largest and healthiest Japanese banks reported losses for the fiscal year -- although earnings for their core operations soared.

Most of the write-offs stem from the collapse in the real-estate market; many of the loans were to "jusen" mortgage companies and other nonbank moneylenders. Most of Japan's banks already reported the massive write-offs that they plan to take for the fiscal year ended March 31; they are releasing earnings on Friday and Monday.